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- Started out with the establishment of the Vietnamese subsidiary in 2007, producing key items such as spandex and tire cords
- Chairman Hyun-joon Cho, "Hope to continue strengthening our business cooperation with Vietnam"
SEOUL, South Korea, Oct. 20, 2023 /PRNewswire/ -- Chairman Hyun-joon Cho played a pivotal role in designating Vietnam as Hyosung's second global advance base.
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Since the mid-2000s, he recognized the need for a bridgehead to address rising cost burdens and began paying attention to Vietnam's growth potential. He formulated a strategy to maximize Vietnam as a production base for key items and gradually implemented this plan.
As a result, Hyosung established its Vietnamese subsidiary near Ho Chi Minh City in the Nhơn Trạch Industrial Zone in Dong Nai Province in 2007, followed by another subsidiary in Dong Nai in 2015. Hyosung currently produces spandex, tire cords, steel cords, technical yarns, and power transformers in Vietnam.
Chairman Cho has been actively working on achieving win-win growth with Vietnam.
In 2007, when Hyosung first started investing in Vietnam, the Nhơn Trạch District was a largely underdeveloped area. Most of the residents were making their living through farming, but Hyosung changed that by establishing a factory in the area and employing a significant number of local talents.
After Hyosung established its production base in Vietnam, the surrounding region transformed into a center of economy as shops and markets thrived. Since then, the Vietnamese government has improved infrastructure in the industrial zone by implementing roads and power facilities.
Also, Chairman Cho regularly highlights the importance of maintaining friendly relations and enhancing business cooperation with Vietnam.
He met with Nguyen Xuan Phuc, the Prime Minister of Vietnam at that time, in 2016 and 2018 to discuss plans for further cooperation, including entering the local infrastructure construction market and new investment projects.
In June 2019, he continued his global field management initiatives by meeting with Vuong Dinh Hue, the Deputy Prime Minister for Economic Affairs of Vietnam at that time.
Recently, in celebration of the 30th anniversary of diplomatic relations between South Korea and Vietnam, he met with President Nguyen Xuan Phuc and discussed plans for expanding business opportunities.
Chairman Cho said, "Vietnam is a very important global integrated base for all of Hyosung's core products," adding "I hope that Hyosung can maintain a friendly relationship with Vietnam to continue strengthening our business cooperation."
